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question 10.3 bpp

This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.

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November 19, 2019 at 5:21 am #553041
farhaanm
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In the answer there are closing and opening balance for heating oil in hand . I dont understand this part the rest of the question i can attempt using the method in the lectures.
November 19, 2019 at 10:10 am #553068
John Moffat
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It is dealt with in the same way as we always deal with inventories.
The cost of oil used during the year will equal the opening inventory plus the purchases less the closing inventory.
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